ASCAIR is very pleased to announce that we have launched a customised professional indemnity insurance cover for aerospace consultants, engineers or safety auditors in Europe.
Whilst traditional product liability insurance concentrates on bodily injury or property damage losses only, the new offering will specifically cover financial losses arising out of any breach of professional duty, confidentiality or a dishonest, fraudulent act or omission.
Together with leading aviation insurers, ASCAIR developed and fully sponsors add-on coverage and supports service providers by closing a coverage gap that was present for a long time.
Danny Fiebig, managing director of ASCAIR, said: "The aerospace industry relies heavily on intangible (outsourced) services by third party providers and count on their individual expertise. Financial losses in this area may occur overnight due to a simple unintentional breach of duty by employees which will endanger not only single projects but eventually the company's reputation.
He continued: "Furthermore many standardised service level agreements require such insurance cover today and we are happy to have found a comprehensive solution in response to this demand. The offering is unique in aerospace and we think it will be of interest to consultants, engineers or any other service provider facing such financial loss exposure."
